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Business and Financial Policies and Procedures

6.4.1 Purchase Insurance

Policy Statement

The Office of Risk Management determines whether commercial insurance is needed. The University complies with the Illinois Procurement Code when purchasing insurance. When the Office of Risk Management and the Purchasing Division estimate the premium will exceed the Illinois Procurement Code bid limit, they use a competitive bid process.


To purchase insurance:

  1. Identify what might be at risk.
  2. Consult with the Office of Risk Management.
  3. Submit a written request for coverage so the Office of Risk Management can obtain a quote or develop bid specifications. Include the CFOAP number to be charged for the premium.

Insurance applications that require the signature of the system Comptroller are signed by the Comptroller or delegate. 

Additional Resources

Illinois Procurement Code

Last Updated: April 11, 2022 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2010

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